Women buyers in real estate
Authored by RavindraPai, Managing Director, Century Real Estate.
Investing in a property is one of the most important decisions taken by a family. In the past few years, there has been a paradigm shift in home buying patterns in India.From viewing, selecting and paying for properties at the click of a button, the decision making process while buying a house has metamorphosed with women playing a key role in purchase decisions. In the past, owning a house by an Indian woman meant owning an ancestral property or helping their husbands buy a home. At present, more women are financially independent and play an active role in the decision making process of buying a property and contribute significantly towards it. Today more women are taking the lead on the financial load of buying a new home and maintaining the same.
According to a report by Track2Realty, women contribute to nearly 74% of real estate buying decisions. This includes 32% of home buying by single women across the top eight cities. Real estate developers offer special discounts targeting women home buyers and exclusive offers are presented for single women homebuyers in a project.
Changing family trends in property decision making
Women’s say while buying a property in nuclear families
In joint families, senior male members were the sole decision makers on family affairs. At present the traditional Indian joint family has seen a radical change and we see more nuclear families emerging. With comparatively less space required by a nuclear family than a joint family, the decision making process has also changed radically both in terms of who makes them and what the choices are made. While buying a property, women look for apartments with close proximity to schools, healthcare, workplace and shopping. A good neighbourhood with parks and playgrounds is an added advantage.
Majority of women are buying property for self-use
According to data analyzed by property portal Roof and Floor, majority of women buyers look to buy property for themselves. Some of the factors could be attributed to the special benefits provided to women homebuyers. Increasingly, women are also planning to invest in real estate to diversify their investment portfolio.
Pradhan MantriAwasYojana for women
The Pradhan MantriAwasYojana (PMAY) is envisioned to encourage home ownership amongst women in cities as well as villages. Under PMAY, one adult female member is made mandatory in the ownership of a house. Women borrowers also can get an interest rate concession on a home loan under PMAY.
Women in real estate business
Like every other industry, the real estate sector is witnessing an increase in the number of women joining the sector. With discussions on gender diversity in a predominantly male- dominated business, the role of women has seen a steady rise in senior positions. What is more, several well known channel partners in the industry today are women. The other important factor is an inclusive workplace culture for both men and women to succeed.